Deloittes’ the administrators to failed appliance maker Kleenmaid have had to cancel a planned creditors meeting after the owner of several warehouses where Kleenmaid stock is being held refused them access to millions of dollars worth of stock until there $2M dollars outstanding rent is paid.Deloittes’ the administrators to failed appliance maker Kleenmaid have had to cancel a planned creditors meeting after the owner of several warehouses where Kleenmaid stock is being held refused them access to millions of dollars worth of stock until there $2M dollars outstanding rent is paid.
The owners of the warehouse have taken out a “lien” on the stock in an effort to get their back rent paid. The move has stalled efforts by Administrator John Greig of Deloittes to value the stock. Kleenmaid went into administration earlier this month with debts of over $76M dollars.
John Greig said according to the Financial Review” The warehouse provider has taken out a lien using the goods as security against the debt”
The stock that was housed at multiple sites around Australia is believed to be worth over $5M.
Greig added “They will not release any stock to any party including the administrators or customers until their debt is paid or acceptable arrangements have been met”
“The move is set to hurt Kleenmaid franchisees who were banking on getting the stock for Kleenmaid fire sales” said a NSW based Franchisee.
